USA: Coldwater Creek To Cut 160 Jobs
Women's apparel retailer Coldwater Creek Inc, which warned last week that its fourth-quarter earnings would miss Wall Street's expectations due to disappointing sales of spring merchandise, said last wek that it will reduce its staff by 160, or nearly 8 per cent, and cut discretionary spending.
"Quite simply, those early spring sales did not happen this year, and we are adjusting our staff size to a more efficient base to reflect the change in full-price sales," chief executive Georgia Shonk-Simmons said in a statement.
After the cuts, the company will employ 1,930 people.
Coldwater Creek also said that it had put new hires, nonessential travel, and internal expenditures on hold until consumer confidence increases. Its plans to open 10 to 15 new stores across the country, however, will not be affected.
Help test our new apparel sourcing tool.
- Outlook 2017 – What else is the industry watching?
- Outlook 2017 – What next for apparel sourcing?
- Outlook 2017 – Strategies for sourcing success
- Is China about to burst its apparel trade bubble?
- Outlook 2017 – Challenges and opportunities
- 22 dos and dont's – When sourcing goes wrong
- M&S quality focus finally lifts clothing sales
- MAS Holdings planning second industrial park
- Sri Lanka on track to regain EU GSP+ benefits
- Update - Bangladesh "business as usual"
- Global apparel markets: product developments and innovations, October 2016
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022
- Anti-odour clothing: fresh fashion for an active lifestyle
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar